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• U.S. Oil Rig Count Falls Despite Stabilizing Crude Prices
  Baker Hughes reported on Friday that the number of combined oil and gas rig count in the US fell...
  Baker Hughes reported on Friday that the number of combined oil and gas rig count in the US fell yet again this week by 3, to 244, as the pandemic continues to batter the oil and gas industry that is coming off a second-quarter financial season filled with billions in industry writedowns and projections of weaker-than-projected oil demand growth going forward.
  
  Total oil and gas rigs in the United States are now down by 691 compared to this time last year.
  
  The Permian Basin alone lost five rigs this week, with Ardmore Woodford losing one, and Arkoma Woodford gaining one. The Permian now has just 117 rigs, compared to 441 a year ago.
  
  For the week, WTI ended 1.9% higher, while Brent gained 0.9%, according to Dow Jones Market Data.
  
  
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• Brookfield in Talks to Buy Cheniere’s Stake from Blackstone
  The infrastructure arm of Brookfield Asset Management Inc. is in talks to buy Blackstone Group...
  The infrastructure arm of Brookfield Asset Management Inc. is in talks to buy Blackstone Group Inc.’s minority stake in Cheniere Energy Partners, Bloomberg News reported on Aug. 11, citing people familiar with the matter.
  
  Cheniere Energy Partners is a limited partnership formed by Cheniere Energy Inc., the biggest LNG producer in the United States.
  
  Brookfield Asset Management is working with a partner to buy Blackstone’s interest, Bloomberg said, adding no final decision has been made and the alternative asset manager could opt to not proceed.
  
  Blackstone held 203.2 million shares, or about 58.3%, of Cheniere Energy Partners as of March 31, according to Refinitiv Eikon data.
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• Chevron remains committed to fossil fuels
  US oil major Chevron has so far refrained from making big investments in renewables...
  US oil major Chevron has so far refrained from making big investments in renewables due to its lack of expertise and instead has chosen to take a different approach to the energy transition than its European peers by relying on fossil fuels to deliver strong returns to its investors. Despite the global push for clean energy, Chevron CEO Mike Wirth believes oil and gas will be around for a long time, and the industry will simply find ways to make oil and gas production "more efficient, more environmentally benign."
  
  Source: Bloomberg
  
   
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• OPEC expects heavy virus impact on oil demand
  The coronavirus pandemic will have an even ...
  
  
  The coronavirus pandemic will have an even bigger impact on the global economy and its demand for oil than previously expected, the Organization of the Petroleum Exporting Countries said Wednesday.
  
  The cartel estimates that world-wide oil demand this year will amount to 90.6 million barrels a day, 9.1 million barrels less than last year. The 9.1% decline is deeper than the OPEC forecast in its previous monthly report.
  
  OPEC also said that it expects a 4% contraction in the global economy, worse than its earlier estimate of 3.7%.
  
  Source: The Wall Street Journal (tiered subscription model)
  
  
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• Small-scale LNG plants could reduce Permian flaring
  Small-scale liquefaction units installed at well sites...
  Small-scale liquefaction units installed at well sites across the Permian Basin could convert excess natural gas into liquefied natural gas, which is easier to transport and could even be used to power rig operations in the basin. Edge LNG has already deployed mobile, truck-delivered LNG plants, dubbed Cryoboxes, that produce about 10,000 gallons of LNG per day to the Marcellus and Bakken shales, and is targeting the Permian Basin next.

  
  

  SOURCE: Houston Chronicle Article
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